Feb. 1 Sold merchandise inventory on account to Crisp Co., $1,325. Cost of goods, $870. Invoice no. 401.
6 Sold merchandise inventory for cash, $920 (cost, $660).
12 Collected interest revenue of $140.
15 Received cash from Crisp Co. in full settlement of its account receivable. There was no discount.
20 Sold merchandise inventory on account to Drummer Co., issuing invoice no. 402 for $500 (cost, $425).
22 Sold merchandise inventory for cash, $570 (cost $450).
26 Sold office supplies to an employee for cash of $180.
28 Received $480 from Drummer Co. in full settlement of its account receivable. Drummer earned a discount by paying early. Terms are 4/10, n/15.
Requirements
1. Prepare headings for a sales journal. Journalize the transactions that should be recorded in the sales journal. (Round the sales discount to a whole dollar.) Assume the company uses the perpetual inventory system.
2. Total each column of the sales journal.